2 Introduction to the Australian Tax System[rtf]

Fringe benefits tax fringe benefits tax fbt is

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Fringe benefits tax Fringe benefits tax § FBT is payable by employers at the  rate of 46.5% on their “fringe benefits  taxable amount” for a “year of tax” (ie,  1 April to 31 March)  § An employer’s “fringe benefits taxable  amount” is based on the grossed–up  taxable values of the “fringe benefits”  provided during the year  § Most kinds of benefits (other than  salary and superannuation) provided  in respect of employment are fringe  benefits  § FBT is payable on the provision of  things such as:
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§ cars  § low-interest loans § free holidays  Other Commonwealth Other Commonwealth     taxes taxes § Customs duty – tax on the  importation of goods into Australia § Excise duty – tax on the  manufacture of certain products in  Australia, eg: § petroleum products § crude oil  § tobacco  § beer, spirits and alcoholic beverages  other than wine  § Wine equalisation tax – tax on  assessable dealings in wine
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§ Luxury car tax – tax on supply or  importation of luxury cars State taxes State taxes § Stamp duty – imposed on dutiable  transactions: § transfers of land § transfers of shares in “land rich”  companies § insurance policies § motor vehicle registrations and  transfers § Pay-roll tax – imposed on wages  (including allowances and certain  fringe benefits) provided by  employers to their employees § Land tax – imposed on the taxable  value of land owned in a state
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GST – special GST – special     arrangements arrangements § GST is paid by Commonwealth to  States  § Intergovernmental Agreement on 
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